It has been proven that in South Africa accelerated enterprise development has the ability to solve most of the country’s structural economic challenges through direct contribution to the fiscal as well as the reduction of the high level of unemployment the country is facing. This same vision was shared by Wilfred Ngubane the founding CEO of Ngubane & Co. a medium sized auditing and a consultancy firm, when he decided to pursue his entrepreneurial ambitions of running a sustainable business in the accounting and auditing industry, being among the first black successful entrepreneurs in this field. In SA Medium sized companies employs over 65% of the working population with an overall GDP contribution in excess of 30%, as it can be attested to by the current economic data.
The business was incorporated in March 1995 with only two administrative employees in Durban, and it has since grown phenomenally to employ over 230 employees with distinct capabilities in Assurance, Business Consulting and Forensic Investigations, the growth of Ngubane & Co has also spread geographically with presence in four provinces namely, Gauteng, Mpumalanga, North West, Kwa Zulu-Natal and Limpopo. “Of course there were many hurdles to overcome”, says Wilfred Ngubane”, among these hurdles he reiterates the imbalanced structure of the Audit Industry in SA in which well established firms dominates over 70% of the market share and the residual share of the market being left for hundreds of small and medium sized companies. Other barriers to entry includes unfavourable regulation as well as nominal trust value attached to indigenous black owned firms particularly in the private sector. The issue of skewed market power can be addressed by aggregation of services by small and medium sized companies thereby creating meaningful synergies and maximizing capacity.
Despite the many setbacks faced, Ngubane & Co legacy continues to advance and this can be attributed to a number of factors, among them being; very strong client relationships, “we want to become our client’s trusted advisors” says Wilfred Ngubane. Other contributing factors to Ngubane & Co’s success is its employment of highly skilled and committed individuals who also believe they can make a difference. In addressing the lack of transformation in the Auditing Industry, Ngubane & Co has provided opportunities for many trainee accountants some of whom qualified as Chartered Accountants from previously disadvantaged groups since its inception in 1995.
With its vision 2020 Ngubane & Co will continue to assert its position in the marketplace with a number of key priorities set for the future and among those will be, the focus on growth in terms of both revenue and the market share, equitable employment of women from previously disenfranchised groups in leadership and executive positions as well as the need to diversify their market segments. “What is great about entrepreneurship is that entrepreneurs create the tangibles from the intangibles”. Robert Herjavec said. This quote epitomizes the intangible vision of Wilfred Ngubane that brought into existence the tangible legacy of Ngubane & Co as we know it today.